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According to the Outer Banks Association of Realtors, every community on the Outer Banks (with the exception of Colington and Ocracoke) saw double-digit gains over 2019 in the number of properties sold – with some of these transactions removing rental properties from the market as new owners move in themselves.
Property management companies always lose some homes from their inventory for a number of reasons, but the trend is particularly pronounced this year. The bigger question is whether this boom portends a significant and long-term decrease in rental properties and what the implications could be for the financial health of the area’s public and private sectors.